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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 29, 2016.
Veterans Entrepreneurial Transition Act of 2016 or the VET Act of 2016
(Sec. 2) This bill amends the Small Business Act to direct the Small Business Administration (SBA) to carry out a three-year pilot program to assess the feasibility of making grants to up to 250 eligible veterans and retiring or honorably discharged members of the Armed Forces to start or acquire a qualifying business enterprise.
The SBA shall establish a list of qualifying business enterprise categories, which shall include: (1) a small business concern, (2) a franchise business enterprise, and (3) any other appropriate business enterprise category.
The SBA shall ensure grantee geographic diversity.
The SBA may authorize eligible veterans to apply as a group. Such a group shall be treated as a single veteran.
Each grantee shall: (1) complete an SBA-approved entrepreneurship readiness program, and (2) prepare a business plan.
The SBA shall submit a program assessment within two years of the program's commencement.
The Government Accountability Office shall submit a program evaluation within one year of the program's termination.
Nothing in the bill shall be construed to modify any time limitation or period during which an individual is entitled to Post 9/11 or all-volunteer force educational assistance.